Cheyenne Inc. incurred the following costs last year in its production and sale of $30,000$ dance mats.

$\backslash$table$[[$Cost Description,Amount$],[$Depreciation on factory,$51,000],[$Executive salaries,$131,000],[$Direct material costs,$322,000],[$Adminis$\text{'}$ ative salaries,$80,000],[$Wages for factory workers,$443,000],[$Advertising expense,$38,000],[$Indirect materials,$63,000],[$Factory supervisor salaries,$93,000],[$Commissions to salespeople,$59,000]]$Cheyenne Inc. incurred the following costs last year in its production and sale of $30,000$ dance mats.

$\backslash$table$[[$Cost Description,Amount$],[$Depreciation on factory,$51,000],[$Executive salaries,$131,000],[$Direct material costs,$322,000],[$Adminis$\text{'}$ ative salaries,$80,000],[$Wages for factory workers,$443,000],[$Advertising expense,$38,000],[$Indirect materials,$63,000],[$Factory supervisor salaries,$93,000],[$Commissions to salespeople,$59,000]]$

The above cost information was incurred last year when the $30,000$ units were sold at an average selling price of $$\frac{47}{?}$ unit. Create two income statements in good form: $(1)$ a traditional gross margin format income statement, and $(2)$ a contribution margin format income statement. Referencing the appropriate information and utilizing formulas within Excel, populate each of the income statements to determine operating income for Cheyenne under both income statement formats.

Traditional Income Statement

The above cost information was incurred last year when the $30,000$ units were sold at an average selling price of $$\frac{47}{?}$ unit. Create two income statements in good form: $(1)$ a traditional gross margin format income statement, and $(2)$ a contribution margin format income statement. Referencing the appropriate information and utilizing formulas within Excel, populate each of the income statements to determine operating income for Cheyenne under both income statement formats.

Traditional Income Statement